Immunic, Inc. · NASDAQ:IMUX

Immunic — Investor Presentation (October 2026)

40 slides from Immunic's investor presentation, October 2026

  1. Slide 1: Investor Overview

    Investor Overview NASDAQ: IMUX October 2026 © Immunic, Inc. | Oct 2026 1

  2. Slide 2: Cautionary Note Regarding Forward-Looking Statements

    Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

  3. Slide 3: Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company

    Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company Advancing a Potentially Differentiated Oral MS Therapy to Address High Unmet Needs with Near-Term Blockbuster Potential in Relapsing MS and Significant Upside Potential in Progressive MS Near-Term Value Inflection Expansion Opportuni

  4. Slide 4: Vidofludimus Calcium Is Being Developed as a Franchise Opportunity Spanning Relapsing and Progressive MS

    Vidofludimus Calcium Is Being Developed as a Franchise Opportunity Spanning Relapsing and Progressive MS PROGRAM INDICATION PRECLINICAL PHASE 1 PHASE 2 PHASE 3 STATUS NEXT MILESTONE Vidofludimus Top-line data for both Relapsing MS Both trials fully Calcium trials expected by end ENSURE-1 enrolled (I

  5. Slide 5: Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience

    Leadership Team with Established Multiple Sclerosis Development and Commercialization Experience Erik Lundgren, MBA Jason Tardio, MBA Michael A. Panzara, MD, MPH Hella Kohlhof, PhD Glenn Whaley, CPA Chief Executive Officer President & Chief Medical Officer Co-Founder & Chief Financial Officer Chief

  6. Slide 6: Vidofludimus Calcium Has the Potential to Transform the MS Market

    Vidofludimus Calcium Has the Potential to Transform the MS Market Substantial Opportunities: MS Remains a Large and Growing Market Attractive Market Dynamics § Multiple blockbuster therapies can successfully coexist, reflecting the large patient BLOCKBUSTER POTENTIAL population, heterogenous disease

  7. Slide 7: Current DMTs Target Inflammation, None Stop/Reverse Disability Accumulation

    Current DMTs Target Inflammation, None Stop/Reverse Disability Accumulation 20+ Therapies Exist for Relapsing MS, None Adequately Address the Neurodegeneration Driving Progression EDSS Disease Trajectory Over Time Bedridden / Death from MS 9–10 Wheelchair restricted 7–8 Disability Progression Indepe

  8. Slide 8: Vidofludimus Calcium: A Unique Dual Mechanism Approach to MS

    Vidofludimus Calcium: A Unique Dual Mechanism Approach to MS Potentially the Only Oral MS Drug Addressing Both PIRA and RAW Simultaneously Direct Nurr1 Activator Selective DHODH Inhibitor § Modulates gene expression directly in § Selectively targets neurons, mediating neuroprotection metabolically h

  9. Slide 9: Key Unmet Needs Remain in Relapsing and Progressive MS

    Key Unmet Needs Remain in Relapsing and Progressive MS: The Next Generation of MS Treatments Must Move Beyond Relapse Control Progression Independent Safety and Treatments for Progressive of Relapse Activity (PIRA) Tolerability Multiple Sclerosis § PIRA continues to occur even in patients § Many app

  10. Slide 10: Addressing Near-Term Unmet Needs in Relapsing Multiple Sclerosis

    Addressing Near-Term Unmet Needs in Relapsing Multiple Sclerosis

  11. Slide 11: Vidofludimus Calcium in Relapsing MS: Even with 20+ Approved DMTs, Significant Unmet Needs Exist

    Vidofludimus Calcium in Relapsing MS: Even with 20+ Approved DMTs, Significant Unmet Needs Exist Relapsing MS ~400K Diagnosed Patients in the U.S.1,2 Vidofludimus calcium is a key late-stage asset with NDA submission targeted in mid-2027, and expected › High unmet needs remain despite numerous appro

  12. Slide 12: EMPhASIS: Strong Efficacy, Durable Long-Term Benefit, and Favorable Safety in RRMS

    EMPhASIS: Strong Efficacy, Durable Long-Term Benefit, and Favorable Safety and Tolerability in Relapsing-Remitting MS Multicenter, Randomized, Double-Blind, Placebo-Controlled Phase 2 Clinical Trial (NCT03846219) 268 patients in 36 centers across four European countries Screening Main Treatment Peri

  13. Slide 13: Robust Reduction in MRI Lesion Activity Over 24 Weeks

    Robust Reduction in MRI Lesion Activity Over 24 Weeks Primary and Key Secondary Endpoints Both Highly Statistically Significant, Pooled Cohorts 1&2 Reduction in CUA Lesions up to Week 24 Reduction in Gd+ Lesions up to Week 24 0 0 0 7 0 5 0 -13% -10 -10 6 -20 4 -20 5 -30 -30 4 -40 3 -40 -50 -50 3 -60

  14. Slide 14: Encouraging Trend on Risk of Relapse, Despite Study Size and Duration

    Encouraging Trend on Risk of Relapse, Despite Study Size and Duration Relative risk of relapse reduced by 42% Proportion of patients with relapse HR: HR: 0.58, 0.58 p=0.19 (HR: 0.58, p=0.19) in 30 mg group vs. placebo to Week 24 23% Apparent onset of effect within 6-8 weeks, increasing over time 14%

  15. Slide 15: Favorable Safety and Tolerability Profile with Similar Incidence to Placebo

    Favorable Safety and Tolerability Profile with Similar Incidence to Placebo Vidofludimus Vidofludimus Safety and Tolerability Endpoints Placebo Calcium 30 mg Calcium 45 mg Key Safety Observations: Any treatment-emergent adverse event 44% 45% 41% § No signal for liver injury Treatment-emergent advers

  16. Slide 16: Open-Label Extension Phase: High Retention Rate with 92.3% of Patients CDW-Free at 144 Weeks

    Open-Label Extension Phase: High Retention Rate with 92.3% of Patients CDW- Free at 144 Weeks 100.0% 98.0% 97.2% 100% 94.6% 93.3% 93.3% 92.3% 90% › At week 144, 92.3% of patients % Patients Free of 12wCDW Events 80% remained free of 12-week CDW, with 70% 92.7% free of 24-week CDW 60% 50% › Low disco

  17. Slide 17: ENSURE Phase 3: Two Fully Enrolled Pivotal Trials

    ENSURE Phase 3: Two Fully Enrolled Pivotal Trials Designed to Confirm Immunomodulatory Effects Specifically Through Relapse Reduction Randomized, Double-Blind, Placebo-Controlled Trials (NCT05134441 & NCT05201638) Screening OLE (optional) Main Treatment Period (Blinded) § More than 100 sites in 15 c

  18. Slide 18: Recruited Patients in ENSURE Similar to Population Recruited into EMPhASIS

    Recruited Patients in ENSURE Similar to Population Recruited into EMPhASIS Total of 2,221 Enrolled Patients, Nearly 50% Received Prior MS Treatment ENSURE Baseline Patient Characteristics1 EMPhASIS Baseline Patient Characteristics ENSURE-1 (N=1,121) ENSURE-2 (N=1,100) EMPhASIS (N=249)2 Mean age (SD)

  19. Slide 19: Primary and Secondary Endpoints Selected to Ensure Robust Assessment of Outcomes

    Primary and Secondary Endpoints Selected to Ensure Robust Assessment of Clinical and Imaging Outcomes Meaningful to People with MS ENSURE-1 Pooled ENSURE Trials ENSURE-2 “ I hope to see different kinds of MS drugs: ones that stop Primary Primary Time to First Relapse (TTFR) Net Clinical Benefit Time

  20. Slide 20: Vidofludimus Calcium in Relapsing MS: Targeted NDA Submission Driven by Near-Term Pivotal Readouts

    Vidofludimus Calcium in Relapsing MS: Targeted NDA Submission Driven by Near-Term Pivotal Readouts › Fully enrolled Phase 3 ENSURE-1 and Robust Phase 2 EMPhASIS Results on Inflammatory Endpoints ENSURE-2 trials with top-line data expected by year-end 2026 › NDA submission in the U.S. targeted for Ph

  21. Slide 21: Potential to Change Treatment Paradigm in Progressive Multiple Sclerosis

    Potential to Change Treatment Paradigm in Progressive Multiple Sclerosis

  22. Slide 22: Progressive MS: Potential to Change Treatment Paradigm

    Progressive MS: Potential to Change Treatment Paradigm Limited Treatment Options Available to Date With Many Patients Continuing to Worsen Despite Treatment Progressive MS § New treatments should tackle the processes responsible for the continuous accumulation of disability in ~150K Diagnosed Patien

  23. Slide 23: CALLIPER: Phase 2 Clinical Trial in Progressive MS

    CALLIPER: Phase 2 Clinical Trial in Progressive MS Multicenter, Randomized, Double-Blind, Placebo-Controlled Trial (NCT05054140) 467 Adult Patients Randomized, >340 Patients Continuing in OLE* Inclusion Criteria Screening OLE Main Treatment Period (Blinded) Period (optional) › Patients aged 18 to 65

  24. Slide 24: Exploratory MRI Outcomes Revealed Consistent, Directionally Favorable Signals

    Exploratory MRI Outcomes Revealed Consistent, Directionally Favorable Signals Even Though the Primary PBVC Endpoint Was Not Met Annualized PBVC rate up to 120 weeks: 4.7%; 95% CI, -0.285 to 0.379; p=0.78 Nominal regional atrophy differences favored vidofludimus calcium although not significant: 15.7

  25. Slide 25: Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients

    Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients 24wCDW 24wCDI Favors IMU-838 Favors Placebo Favors Placebo Favors IMU-838 Consistent numerical reductions in 24-week CDW, together with an approx. 2-fold increase in 24-week CDI versus

  26. Slide 26: Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients

    Vidofludimus Calcium Showed Consistent Effects on Disability Worsening and Improvement, Even in Non-Active Patients 24wCDW 24wCDI Favors IMU-838 Favors Placebo Favors Placebo Favors IMU-838 Consistent numerical reductions in 24-week CDW, together with an approx. 2-fold increase in 24-week CDI versus

  27. Slide 27: Favorable Safety and Tolerability Profile at 45 mg with No Signal for Liver Injury

    Favorable Safety and Tolerability Profile at 45 mg with No Signal for Liver Injury Five Most Common TEAE Events N of patients / n of events 45 mg Vidofludimus Calcium n=235 Placebo n=232 Total Urinary tract infection 39 / 57 36 / 49 75 / 106 Headache 10 / 16 16 / 42 26 / 58 Back pain 9 / 11 17 / 24

  28. Slide 28: Vidofludimus Calcium in Progressive MS: Treatment Paradigm Changing Potential

    Vidofludimus Calcium in Progressive MS: Treatment Paradigm Changing Potential Strong Imaging and Exploratory Disability Phase 2 Efficacy Signals* › Initiation of a Phase 3 clinical trial in Favorable and Consistent Safety Profile at 45 mg Dose progressive MS expected later this year Positive Phase 2

  29. Slide 29: Commercial Opportunity

    Commercial Opportunity

  30. Slide 30: The U.S. Relapsing MS Market is Large, Continues to Grow, and Oral DMTs Remain a Sizable Class

    The U.S. Relapsing MS Market is Large, Continues to Grow, and Oral DMTs Remain a Sizable Class ~7% CAGR Total U.S. Relapsing MS Patient Share by Class2 ~$25B 51% anti-CD20 ~$17B 28% Orals 2025 13% Platform injectables 8% Other high-efficacy mAbs 2026 2032 Sales numbers in G7 countries (U.S., UK, Can

  31. Slide 31: Not a Winner Take All Market: ~90K U.S. Patients Making a Treatment Decision Each Year

    Not a Winner Take All Market: Dynamic with ~90K U.S. Patients Making a Treatment Decision Each Year, with Another ~125K Currently Untreated THE RELAPSING MS PATIENT JOURNEY CREATES MULTIPLE TREATMENT DECISION POINTS relapsing MS patients initiate ~45K therapy each year1 01 02 03 04 INITIATE SWITCH S

  32. Slide 32: MS Treatment Is Highly Personalized for Each Patient and Influenced by Patient Preference and HCPs

    MS Treatment Is Highly Personalized for Each Patient and Influenced by Both Patient Preference and MS Treatment Philosophies by HCPs MS Treaters Are Highly Heterogeneous with Diverse Personalized by Patient Characteristics1,2 Treatment Philosophies and Prescribing Behaviors1,2 Disease Severity Age /

  33. Slide 33: Vidofludimus Calcium Is Targeted to Deliver the Optimal Balance of Treatment Attributes

    Vidofludimus Calcium Is Targeted to Deliver the Optimal Balance of the Treatment Attributes That Matter Most to Patients and HCPs Safety Neuroprotection/Anti-inflammation Potentially reduces key safety concerns Combines neuroprotective effects through associated with currently marketed DMTs, Nurr1 a

  34. Slide 34: Vidofludimus Calcium Could Address Several Large, Underserved Relapsing MS Patient Segments

    Vidofludimus Calcium Could Address Several Large, Underserved Relapsing MS Patient Segments Treated Relapsing Addressable Patient Segments for Size of Opportunity MS Patients Vidofludimus Calcium Relapsing MS Patients seeking Patients § A favorable who risk-benefit Patients who ~100K relapsing MS co

  35. Slide 35: Vidofludimus Calcium Has the Potential to Address Significant Opportunities in Relapsing MS

    Vidofludimus Calcium Has the Potential to Address Significant Opportunities in Relapsing MS LARGE AND GROWING MARKET NOT A WINNER-TAKE-ALL MARKET 1 The U.S. relapsing MS market is ~$17B today and projected to reach ~$25B by 2032, with oral DMTs remaining a significant treatment class 2 Patients init

  36. Slide 36: Summary and Outlook

    Summary and Outlook

  37. Slide 37: Building a Leading MS Company: A Phased Commercial Strategy

    Building a Leading MS Company: A Phased Commercial Strategy Relapsing MS Establishes Commercial Foundation; Progressive MS Drives Long-Term Value Creation BECOME A GLOBAL MS LEADER (2032+) SCALE & GENERATE CASH FLOW Capture a substantially larger market (2028-2032) opportunity through expansion into

  38. Slide 38: Value Creation Roadmap

    Value Creation Roadmap Multiple Catalysts Through 2030 2H 2026 2027 2028 Relapsing MS ENSURE-1 and ENSURE-2 Top-line data expected Targeted relapsing MS NDA Potential relapsing MS U.S. by end of 2026 submission in mid-2027 regulatory approval in 2028 Progressive MS Progressive MS Phase 3 CALLIPER an

  39. Slide 39: Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company

    Immunic: Pivoting to a Fully Integrated Multiple Sclerosis Company Advancing a Potentially Differentiated Oral MS Therapy to Address High Unmet Needs with Near-Term Blockbuster Potential in Relapsing MS and Significant Upside Potential in Progressive MS Near-Term Value Inflection Expansion Opportuni

  40. Slide 40: Thank you!

    Thank you! Jessica Breu Vice President Investor Relations & Communications Phone: +1-332-255-9819 Immunic, Inc. Immunic AG Immunic Australia Pty. Ltd. 1200 Avenue of the Americas Lochhamer Schlag 21 Melbourne Email: ir@imux.com New York, NY 10036 82166 Gräfelfing (Munich) Australia Web: www.imux.com

Immunic — Investor Presentation (October 2026) on 6ix